SMM July 22 News:
Shanghai Aluminum main 1909 contract opened in the morning at 13880 yuan / ton. After the opening of the market, the long head entered the Shanghai aluminum market at a high level of 13905 yuan / ton, and then the long position closed out, and the aluminum price quickly fell below the 20-day moving average. Although the low part of the Shanghai aluminum rose to near the 20-day moving average in the afternoon, but the overall rising kinetic energy was insufficient, and the short position was quickly increased and suppressed. The afternoon is still dominated by long positions, during which a small amount of profit short-term closure, Shanghai aluminum shock lower, before the closing low of 13840 yuan / ton, closed at 13860 yuan / ton. Shanghai aluminum fundamentals have not changed, today social aluminum ingot inventory increased by 5000 tons is still as expected within the consumption of a slight weakness, coupled with a correction in the external market, Shanghai aluminum prices have fallen back, short-term still maintain range shock.
(SMM Yi Liang 021 20707892)
